SEATTLE - (05/22/06) A Kent woman pleaded guiltylast week to hijacking dozens of identities by rifling throughmailboxes, and using the stolen identities to loot bank and creditunion accounts. Jane Lunbeck, 48, pleaded guilty to federal chargesof bank fraud and aggravated identity theft. Prosecutors said sheused stolen mail to create fake Ids to raid her victimsaccounts, taking as much as $10,000 from a members accountsat Boeing Employees CU. A raid of Lunbecks apartment turnedup 69 pieces of stolen mail belong to 36 different people. Shefaces up to 30 years in prison when she is sentenced on Sept.22.
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The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
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The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
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At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
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Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
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The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
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Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
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